IMF Approval of Ghana PRGF Credit Takes Effect

The Executive Board of the International Monetary Fund (IMF) decided that the completion of the second review under the three year Poverty Reduction and Growth Facility (PRGF) arrangement for Ghana became effective (see News Brief 00/71).

Under the PRGF arrangement, the third loan to Ghana in an amount equivalent to SDR26.7525 million (about US$35.1 million) was available immediately upon the decision of the IMF Executive Board.

The decision by the IMF Executive Board was contingent upon discussion by the World Bank of Ghana's interim Poverty Reduction Strategy Paper (PRSP) and a decision that the World Bank had concluded that the interim PRSP provided a sound basis for the development of a fully participatory PRSP and for concessional assistance by the World Bank.